Monitise said that following its strategic review, it will continue as an independent company, although several changes have been made to its board.

In a statement, it was said that the conclusion of the review was that “the best way of maximising long-term value for all stakeholders is to continue transforming and streamlining the business as an independent company”.

This also means that a formal sales process for the company has now ended. It said that it received “a number of expressions of interest from various parties”, although “none of these indicative and non-binding proposals fully recognised the longer-term value of Monitise”.

It also noted that its expressions of interests were “structured in such a way that there was considerable uncertainty over their ultimate delivery”, and that the review needed to be conducted within a timeframe “that did not interfere unduly with ongoing business opportunities, client services and discussions with partners and clients”.

Looking forward, Monitise’s focus will be on sales in Europe, the Middle East and North America. Additional market opportunities will be pursued “where they directly support partner needs”.

It also said that “cost optimisation” projects already announced, including the transition of UK professional services employees to IBM, and “streamlining benefits” such as its narrowing of development focus to core products, will be “supplemented by new initiatives, including centralising its R&D from a hub in Istanbul”.

Following the review, Alastair Lukies, founder and co-CEO, will step down from the board with immediate effect, and Elizabeth Buse becomes sole CEO. Stephen Shurrock, CEO of Consumer at Telefonica, is appointed as a non-executive director, representing strategic shareholders Telefonica and Santander.

Current guidance for fiscal 2014 is an EBITDA loss of £40 million to £50 million on revenue of £90 million to £100 million, and EBITDA profitability in FY2016.

It said that its cash position provides balance sheet strength to see it “through to break even and beyond”.